Gift a Credit Card

Gift cards are prepaid debit cards which can either be store specific or have universal acceptance. There are two types of Gift Cards namely:

Closed Loop Gift Cards | Open Loop Gift Cards

Closed Loop Gift Cards: Closed-loop gift cards are store specific and can be used across the chain of stores only. Example of such gift cards are: Amazon Gift Card, Tanishq Gift Card, Myntra Gift card, Shoppers Stop Gift card, etc.

Open Loop Gift Cards: Open-loop gift cards are like a normal debit or credit card. The difference is that they come preloaded with money and cannot be reloaded. Major payment networks like Visa, MasterCard, American Express, etc. support gift cards. It is for this reason they can be used almost anywhere.

This article will cover details of Open Loop Gift Cards only.

Acceptability – Unlike Store-specific gift cards, these open-loop credit cards can be used anywhere credit & debit cards are accepted.

Time Period – Most gift cards come with a validity of 1 year. However, some gift cards come with lifetime validity.

Offers – Unlike cash, gift cards can be used to avail offers provided by the bank on different online and retail stores.

Convenience – Gift cards allow customers to get what they want. This gives the giftee the freedom to spend the money as they desire.

Security – Gift cards are much more secure than regular cash. Also, they can be easily replaced in case they are lost.

Ideal Gifting Solution – Whether it is Rewards & Recognition or any other occasion you can easily gift these cards.

Value for Money – There is no usage fee associated with Gift Cards.

Open Eligibility – Gift cards are easy to get. You have to have a bank account with a bank that issues Gift cards. Alternatively, you can visit such a bank branch if you don’t have a bank account with them. Once there ask for a gift card and show an Official Valid Document to process the request.

Online Application

Application for a gift card is easy. Follow these steps:

• Login to your Netbanking account
• Select the Credit Card tab
• Click on Prepaid cards
• Finally, click on Purchase Gift card
• Follow the On-Screen instructions to complete the application

Note: The process may vary from bank to bank.

Some banks allow you to get a Gift card even if you do not have an account with them. In such a case, you should visit their website and go-to the gift card application page. Fill the form and submit it. Afterwards, follow the onscreen instructions to get your gift card.

Branch Visit

You can even visit a bank’s branch to avail a gift card. Simply show any one of the below given Official Valid Document (OVD);

• Passport
• Driving License
• Voter’s Identity Card issued by Election Commission of India
• Job card issued by NREGA duly signed by an officer of the State Government
• Letter issued by National Population Register containing details of the name and address
• Aadhaar card (If an Aadhaar card is provided voluntarily by the cardholder then they will have to provide a card consent form as well)

The fees associated on Gift Cards issued by top banks are:

Gift Card Provider	Issuance Fee	Replacement Fee
HDFC Bank	Rs. 100	Nil
Axis Bank	Rs. 100	Rs. 100
SBI Bank	Rs. 150	Rs. 100
Kotak Mahindra Bank	Rs. 100	Rs. 100
Bank of Baroda	Rs. 50 for amount between Rs 500 & 2,000 Rs. 100 for amount between Rs 2,001 & 10,000	Rs. 100

Can I withdraw cash using a Gift card?
Yes, certain banks allow you to withdraw cash using a Gift card. However, other banks like Bank of Baroda don’t allow cash withdrawals via Gift Card.

Will I get a refund on a Gift card if I fail to use up the entire amount?
You can get the remaining amount back but most of the times you will have to pay a fee for the same. For example, Axis Bank charges Rs. 100 as redemption fee, while Bank of Baroda does not.

Do I get to earn reward points if I buy a Gift Card via a credit card?
Most credit cards do not reward purchases of a gift card via their banks as they consider it akin to wallet loading. However, it varies from bank to bank.

How soon can I use the Gift card after purchasing it?
Your Gift card will be ready to use after 24 hours of purchase/acceptance.

I bought a gift card from Axis Bank but I am unable to use it what should I do?
You can call Axis Bank customer care cell. However, before you do that ensure the following things:

• Is there sufficient balance?
• Are you entering the correct PIN?
• Does the POS machine accept Axis Bank Cards (Debit/Credit)?
• Is the ATM/POS machine working correctly?